PUBLIC NOTICES
Published In The Daily Transcript
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Port of San Diego
PUBLISHED: Thursday February 20, 2014

SAN DIEGO UNIFIED PORT DISTRICT
ORDINANCE 2753

ORDINANCE GRANTING AMENDMENT NO. 3 TO THE OPTION TO THE LEASE AGREEMENT WITH LANE FIELD, LLC FOR THE DEVELOPMENT OF LANE FIELD NORTH HOTEL PROJECT, LOCATED AT THE CORNER OF PACIFIC HIGHWAY AND WEST BROADWAY IN THE CITY OF SAN DIEGO

WHEREAS,
the San Diego Unified Port District (District) is a public corporation created by the Legislature in 1962 pursuant to Harbors and Navigation Code
Appendix I (Port Act); and

WHEREAS, Section 87(b) of the Port Act grants authority to the District to lease the tidelands or submerged lands, or parts thereof, for limited periods, not
exceeding 66 years, for purposes consistent with the trusts upon which those lands are held, by the State of California; and

WHEREAS, LPP Lane Field, LLC (Developer) has an option to lease agreement with the District for development of a 400-room hotel on the Lane Field North site; and

WHEREAS, the District has granted two option amendments, the most recent of which provided two, 2-month time extensions to the Developer if they satisfied
certain conditions within those timeframes; and

WHEREAS, the Developer has exercised their first and second extensions by
satisfying all necessary requirements, including payment of $320,000 in additional option consideration; and

WHEREAS, the additional time has allowed the Developer to further negotiations with their proposed equity partner, AIG Global Real Estate, their proposed lender, US Bank (Lender); and their proposed hotel franchisor and manager, Marriott
Corporation; and

WHEREAS, at this time the Developer is in final negotiations with all parties and is seeking a final option amendment from the District to prepare the option to be
exercised; and

WHEREAS, under the proposed Option Amendment No. 3, modifications have been proposed to the option agreement which fall into one of the following three categories: (1) changes to the business agreement related to assignments,
encumbrances, and rent reviews; (2) protections and clarifications requested by the lender; and (3) revisions to the lease to bring lease terms up to the District's
standard language and to make the lease consistent with previous Board of Port Commissioners and Coastal Commission approvals; and

WHEREAS, the proposed Option amendment would have a positive fiscal impact to the District if the Developer exercises the Option; and

WHEREAS, if the Option is exercised, then the Developer may obtain an option agreement on Lane Field South, subject to the negotiation of a rent structure; and

WHEREAS, consideration for the Lane Field South Option is an additional $750,000 payment; and

WHEREAS, if the Developer exercises the Option and enters into the lease for Lane Field North, then projected revenues to the District over the first twenty years of the lease are estimated to be $41.6 million; and

WHEREAS, after a ten-year ramp-up period, rent stabilizes at approximately $3 million per year with projected annual increases; and

WHEREAS, if the Developer fails to exercise the Option and builds the Setback Park/Plaza, then the Developer is also required to pay the first $750,000 in costs for the Setback Park/Plaza, with the remaining balance of up to $4,250,000 to be paid by the District.

NOW, THEREFORE, the Board of Port Commissioners of the San Diego Unified Port District does ordain as follows:

Section 1. Amendment No. 3 to the Lane Field North Option to Lease
Agreement with LPP Lane Field, LLC for development of the Lane Field North hotel project to with the above listed modifications is hereby granted.

Section 2. The Executive Director or his designated representative is hereby
directed to execute Amendment No. 3 to the Lane Field North Option to Lease Agreement.

Section 3. This ordinance shall take effect on the 31st day from its passage by the Board of Port Commissioners.

APPROVED AS TO FORM AND LEGALITY: PORT ATTORNEY

PASSED AND ADOPTED by the Board of Port Commissioners of the San Diego Unified Port District, this 11th day of February, 2014, by the following vote:

AYES: Bonelli, Castellanos, Malcolm, Merrifield, Moore, Nelson, and Valderrama
NAYS: None.
EXCUSED: None.
ABSENT: None.
ABSTAIN: None.
SIGNED BY: Robert E. Nelson, Chairman
ATTESTED BY: Timothy A. Deuel, District Clerk
Pub. Feb 20-00118387

SAN DIEGO UNIFIED PORT DISTRICT
ORDINANCE 2754

ORDINANCE GRANTING 66-YEAR EASEMENT TO SAN DIEGO GAS AND ELECTRIC COMPANY COMMENCING FEBRUARY 1, 2014 AND ENDING
JANUARY 31, 2080 FOR THE TENTH AVENUE MARINE TERMINAL SHORE POWER SYSTEM TO REDUCE GREENHOUSE GAS EMISSIONS

WHEREAS
, the San Diego Unified Port District (District) is a public corporation created by the Legislature in 1962 pursuant to Harbors and Navigation Code
Appendix I (Port Act); and

WHEREAS Section 5(b)(4) of the Port Act grants authority to the District to
exercise its land management authority and powers over any other lands or
interests in lands acquired by the District in furtherance of the District's powers and purposes as provided in Section 87; and

WHEREAS, in August 2012, the Board of Port Commissioners approved a 24.5 year lease to Dole Fresh Fruit Company (Dole), which requires the District install shore power at Tenth Avenue Marine Terminal (TAMT) and obligates Dole to be in full compliance with the California Air Resources Board (CARB) shore power
regulations; and

WHEREAS, the proposed easement to San Diego Gas & Electric Company is
required for the operation, maintenance, and repair of shore power at TAMT thereby supporting the District's compliance with CARB regulations for the reduction of
emissions from goods-movement activity; and

WHEREAS, the term of the proposed easement is 66 years commencing
February 1, 2014 and ending January 31, 2080 and covers approximately 36,646 square feet of land.

NOW, THEREFORE, the Board of Port Commissioners of the San Diego Unified Port District does ordain as follows:

Section 1. The easement between the San Diego Unified Port District and San Diego Gas & Electric Company, for a sixty-six (66) year term for the Tenth
Avenue Marine Terminal shore power system to reduce greenhouse gas emissions, is hereby granted and approved.

Section 2. The Executive Director or his designated representative is hereby directed to execute said easement with San Diego Gas & Electric Company on
behalf of the San Diego Unified Port District, for a term of sixty-six (66) years
expiring on January 31, 2080.

Section 3. This Ordinance shall take effect on the 31st day from its passage by the Board of Port Commissioners.

APPROVED AS TO FORM AND LEGALITY: PORT ATTORNEY

PASSED AND ADOPTED by the Board of Port Commissioners of the
San Diego Unified Port District, this 11th day of February, 2014, by the following vote:

AYES: Bonelli, Castellanos, Malcolm, Merrifield, Moore, Nelson, and Valderrama
NAYS: None.
EXCUSED: None.
ABSENT: None.
ABSTAIN: None.
SIGNED BY: Robert E. Nelson, Chairman
ATTESTED BY: Timothy A. Deuel, District Clerk
Pub. Feb 20-00118390

SAN DIEGO UNIFIED PORT DISTRICT
ORDINANCE 2755

ORDINANCE GRANTING SECOND AMENDED, RESTATED AND COMBINED LEASE COVERING PARCELS 2 AND 5 WITH INTREPID LANDING, LLC TO
EXTEND CONSTRUCTION DEADLINE FOR BUILDING C

WHEREAS
, the San Diego Unified Port District (District) is a public corporation created by the Legislature in 1962 pursuant to Harbors and Navigation Code
Appendix I (Port Act); and

WHEREAS, Section 87(b) of the Port Act grants authority to the District to lease the tidelands or submerged lands, or parts thereof, for limited periods, not
exceeding 66 years, for purposes consistent with the trusts upon which those lands are held, by the State of California; and

WHEREAS, in or around September 1, 1995, Driscoll, Inc., a California
corporation (Driscoll) and a fifty percent owner in Intrepid Landing, LLC (Intrepid), obtained control of the Kettenburg Marina boatyard site through a series of Tideland Occupancy and Use Permits issued by District; and

WHEREAS
, on July 6, 2005, Driscoll entered into an Option to Lease Agreement (“2005 Option”) with District, on file in the Office of the District Clerk bearing
Document No.49224, to redevelop the Kettenburg Marina boatyard site; and

WHEREAS
, Driscoll did not exercise the 2005 Option and District granted relief to Driscoll whereby on the August 21, 2006, Driscoll and District entered into
another Option to Lease Agreement (“2006 Option”) on file in the Office of the
District Clerk bearing Document No.50988; and

WHEREAS
, on July 1, 2007, Driscoll exercised the 2006 Option, and District and Driscoll entered into a Lease (“2007 Lease”) for the Kettenburg Marina boatyard site, on file in the Office of the District Clerk bearing Document No. 52163; and

WHEREAS
, the 2007 Lease included certain construction deadlines for
redevelopment of the Kettenburg Marina boatyard site, including but not limited to, completion of a boatyard administration building, high bay metal boat shed, two
concrete piers for a travel lift, paving, boat slips, reconstruction of shoreline,
dredging, a water reclamation system, marine sales and services buildings, a
shoreline pedestrian walkway, public plaza and parking by December 31, 2008 (“December 2008 Deadline”), but the construction deadline was not met; and

WHEREAS
, on August 4, 2009, District granted relief to Driscoll by extending the December 2008 Deadline to December 31, 2010 (“December 2010 Deadline”) through the Amendment of Lease, Amendment No. 1 on file in the Office of the
District Clerk bearing Document No. 55317. Driscoll did not meet the December 2010 Deadline; and

WHEREAS
, to further grant relief for the default under the 2007 Lease, as amended, the District agreed to the division of the leasehold into three development sites (individually, “Marina Project Site,” “Commercial Project Site” and “Boatyard Project Site” and collectively, “Sites” , however these words used in naming each of the individual sites is not intended to limit the allowable uses of those sites, rather the terms of the respective leases will govern the respective allowable uses); and

WHEREAS
, on the 10th day of January, 2012, Driscoll assigned, transferred and set over unto Intrepid all of its right, title, and interest in and to 2007 Lease and Intrepid assumed all of the debts and obligations of the Lessee under the 2007 Lease, and agreed to fully and faithfully perform each and every term, covenant, and condition thereof, and to pay the rental therein provided; and

WHEREAS
, District and Intrepid on the 10th day of January, 2012, entered into an Amended Restated and Combined Agreement (“2012 Amended Restated and Combined Agreement”), on file in the Office of the District Clerk bearing Document No. 58564, whereby Intrepid leased from District the Marina Project Site, as more particularly described in the 2012 Amended Restated and Combined Agreement; and

WHEREAS
, District and Intrepid on the 10th day of January 2012, also entered into an Option and Lease Agreement (“Commercial Project Option”) for the
Commercial Option Site, as more particularly described in the Commercial Project Option, on file in the Office of the District Clerk bearing Document No. 58565, and Driscoll also entered into an Option and Lease Agreement (“Boatyard Project
Option”) for the Boatyard Project Site, as more particularly described in the Boatyard Project Option, on file in the Office of the District Clerk bearing Document No. 58566; and

WHEREAS
, Intrepid agreed to develop a public promenade across the Marina Project Site, the Commercial Project Site and the Boatyard Site, as well as other
improvements on the Sites as valuable consideration for the division of the
Kettenburg Marina boatyard site, relief of Driscoll's defaults and the 2012 Amended Restated and Combined Agreement; and

WHEREAS
, Intrepid and Driscoll have completed some redevelopment and
improvements pursuant to the 2012 Amended Restated and Combined Agreement, including the public promenade, but have not completed the construction of Building C, as more particularly described in the 2012 Amended Restated and Combined Agreement, by December 31, 2013, the construction deadline for said building; and

WHEREAS
, Intrepid did not meet conditions precedent to exercising the
Commercial Project Option, the term of which expired on December 31, 2013 and Driscoll did not meet conditions precedent to exercising the Boatyard Project Option, the term of which expired on December 31, 2013; and

WHEREAS
, Intrepid and Driscoll have requested additional relief in the form of extensions of certain deadlines in the 2012 Amended Restated and Combined Agreement, Commercial Project Option, and Boatyard Project Option; and District has agreed to such extensions in exchange for valuable consideration; and

WHEREAS
, such extensions and relief shall be granted by execution of a
Second Amended, Restated and Combined Lease, a new Option and Lease
Agreement with Driscoll. Inc., and a new Option and Lease Agreement with Intrepid landing, LLC (collectively “New Agreements”).

NOW, THEREFORE, the Board of Port Commissioners of the San Diego Unified Port District does ordain as follows:

Section 1. The Second Amended, Restated, and Combined Lease between the San Diego Unified Port District and Intrepid Landing, LLC is hereby granted.

Section 2. The Executive Director or his designated representative is hereby
directed to execute said Second Amended, Restated, and Combined Lease.

Section 3. This Ordinance shall take effect on the 31st day from its passage
by the Board of Port Commissioners.

APPROVED AS TO FORM AND LEGALITY: PORT ATTORNEY

PASSED AND ADOPTED by the Board of Port Commissioners of the San Diego Unified Port District, this 11th day of February, 2014, by the following vote:

AYES: Bonelli, Castellanos, Malcolm, Merrifield, Moore, Nelson, and Valderrama
NAYS: None.
EXCUSED: None.
ABSENT: None.
ABSTAIN: None.
SIGNED BY: Robert E. Nelson, Chairman
ATTESTED BY: Timothy A. Deuel, District Clerk
Pub. Feb 20-00118392

SAN DIEGO UNIFIED PORT DISTRICT
ORDINANCE 2756
 
ORDINANCE GRANTING OPTION TO LEASE AGREEMENT COVERING PARCEL 1 WITH INTREPID LANDING, LLC. TO DEVELOP COMMERCIAL BUILDINGS, WITH CONDITIONS
 
 
WHEREAS, the San Diego Unified Port District (District) is a public corporation created by the Legislature in 1962 pursuant to Harbors and Navigation Code
Appendix I (Port Act); and
 
WHEREAS, Section 87(b) of the Port Act grants authority to the District to lease the tidelands or submerged lands, or parts thereof, for limited periods, not exceeding 66 years, for purposes consistent with the trusts upon which those lands are held, by the State of California; and
 
WHEREAS, in or around September 1, 1995, Driscoll, Inc., a California
corporation (Driscoll) and a fifty percent owner in Intrepid Landing, LLC (Intrepid),
obtained control of the Kettenburg Marina boatyard site through a series of Tideland Occupancy and Use Permits issued by District; and

WHEREAS
, on July 6, 2005, Driscoll entered into an Option to Lease Agreement (“2005 Option”) with District, on file in the Office of the District bearing Document No.49224, to redevelop the Kettenburg Marina boatyard site; and

WHEREAS
, Driscoll did not exercise the 2005 Option and District granted relief to Driscoll whereby on the August 21, 2006, Driscoll and District entered into another Option to Lease Agreement (“2006 Option”) on file in the Office of the District Clerk bearing Document No.50988; and

WHEREAS
, on July 1, 2007, Driscoll exercised the 2006 Option, and District and Driscoll entered into a Lease (“2007 Lease”) for the Kettenburg Marina boatyard site, on file in the Office of the District Clerk bearing Document No. 52163; and

WHEREAS
, the 2007 Lease included certain construction deadlines for
redevelopment of the Kettenburg Marina boatyard site, including but not limited to, completion of a boatyard administration building, high bay metal boat shed, two
concrete piers for a travel lift, paving, boat slips, reconstruction of shoreline, dredging, a water reclamation system, marine sales and services buildings, a shoreline
pedestrian walkway, public plaza and parking by December 31, 2008 (“December 2008 Deadline”), but the construction deadline was not met; and

WHEREAS
, on August 4, 2009, District granted relief to Driscoll by extending the December 2008 Deadline to December 31, 2010 (“December 2010 Deadline”) through the Amendment of Lease, Amendment No. 1 on file in the Office of the
District Clerk bearing Document No. 55317. Driscoll did not meet the December 2010 Deadline; and 

WHEREAS
, to further grant relief for the default under the 2007 Lease, as amended, the District agreed to the division of the leasehold into three development sites (individually, “Marina Project Site,” “Commercial Project Site” and “Boatyard
Project Site” and collectively, “Sites” , however these words used in naming each of the individual sites is not intended to limit the allowable uses of those sites, rather the terms of the respective leases will govern the respective allowable uses); and

WHEREAS
, on the 10th day of January, 2012, Driscoll assigned, transferred and set over unto Intrepid all of its right, title, and interest in and to 2007 Lease and
Intrepid assumed all of the debts and obligations of the Lessee under the 2007 Lease, and agreed to fully and faithfully perform each and every term, covenant, and condition thereof, and to pay the rental therein provided; and

WHEREAS
, District and Intrepid on the 10th day of January, 2012, entered into an Amended Restated and Combined Agreement (“2012 Amended Restated and
Combined Agreement”), on file in the Office of the District Clerk bearing Document No. 58564, whereby Intrepid leased from District the Marina Project Site, as more particularly described in the 2012 Amended Restated and Combined Agreement; and

WHEREAS
, District and Intrepid on the 10th day of January 2012, also entered into an Option and Lease Agreement (“Commercial Project Option”) for the
Commercial Option Site, as more particularly described in the Commercial Project Option, on file in the Office of the District Clerk bearing Document No. 58565, and Driscoll also entered into an Option and Lease Agreement (“Boatyard Project Option”) for the Boatyard Project Site, as more particularly described in the Boatyard Project Option, on file in the Office of the District Clerk bearing Document No. 58566; and

WHEREAS
, Intrepid agreed to develop a public promenade across the Marina Project Site, the Commercial Project Site and the Boatyard Site, as well as other
improvements on the Sites as valuable consideration for the division of the
Kettenburg Marina boatyard site, relief of Driscoll’s defaults and the 2012 Amended Restated and Combined Agreement; and

WHEREAS
, Intrepid and Driscoll have completed some redevelopment and
improvements pursuant to the 2012 Amended Restated and Combined Agreement, including the public promenade, but have not completed the construction of Building C, as more particularly described in the 2012 Amended Restated and Combined Agreement, by December 31, 2013, the construction deadline for said building; and

WHEREAS
, Intrepid did not meet conditions precedent to exercising the
Commercial Project Option, the term of which expired on December 31, 2013 and Driscoll did not meet conditions precedent to exercising the Boatyard Project Option, the term of which expired on December 31, 2013; and

WHEREAS
, Intrepid and Driscoll have requested additional relief in the form of extensions of certain deadlines in the 2012 Amended Restated and Combined
Agreement, Commercial Project Option, and Boatyard Project Option; and District has agreed to such extensions in exchange for valuable consideration; and

WHEREAS
, such extensions and relief shall be granted by execution of a Second Amended, Restated and Combined Lease,  a new Option and Lease Agreement with Driscoll. Inc., and a new Option and Lease Agreement with Intrepid landing, LLC
(collectively “New Agreements”).
 
NOW, THEREFORE, the Board of Port Commissioners of the San Diego Unified Port District does ordain as follows:
           
Section 1.  The Option to Lease Agreement Covering Parcel 1 with Intrepid Landing, LLC,  to Develop Commercial Buildings, With Conditions between the San Diego Unified Port District and Intrepid Landing, LLC. is hereby granted.
 
Section 2.  The Executive Director or his designated representative is hereby
directed to execute said Option to Lease Agreement Covering Parcel 1.
 
Section 3.   This Ordinance shall take effect on the 31st day from its passage by the Board of Port Commissioners.
 
APPROVED AS TO FORM AND LEGALITY: PORT ATTORNEY
 
PASSED AND ADOPTED by the Board of Port Commissioners of the San Diego Unified Port District, this 11th day of February, 2014, by the following vote:
 
AYES: Bonelli, Castellanos, Malcolm, Merrifield, Moore, Nelson, and Valderrama
NAYS: None.
EXCUSED: None.
ABSENT: None.
ABSTAIN: None.
SIGNED BY: Robert E. Nelson, Chairman
ATTESTED BY: Timothy A. Deuel, District Clerk
Pub. Feb 20-00118393

SAN DIEGO UNIFIED PORT DISTRICT
ORDINANCE 2757

ORDINANCE GRANTING OPTION TO LEASE AGREEMENT COVERING
PARCELS 3 AND 4 WITH DRISCOLL, INC. TO DEVELOP A BOATYARD, WITH CONDITIONS

WHEREAS
, the San Diego Unified Port District (District) is a public corporation created by the Legislature in 1962 pursuant to Harbors and Navigation Code
Appendix I (Port Act); and

WHEREAS, Section 87(b) of the Port Act grants authority to the District to lease the tidelands or submerged lands, or parts thereof, for limited periods, not
exceeding 66 years, for purposes consistent with the trusts upon which those lands are held, by the State of California; and

WHEREAS, in or around September 1, 1995, Driscoll, Inc., a California
corporation (Driscoll) and a fifty percent owner in Intrepid Landing, LLC (Intrepid), obtained control of the Kettenburg Marina boatyard site through a series of Tideland Occupancy and Use Permits issued by District; and

WHEREAS
, on July 6, 2005, Driscoll entered into an Option to Lease Agreement (“2005 Option”) with District, on file in the Office of the District Clerk bearing
Document No.49224, to redevelop the Kettenburg Marina boatyard site; and

WHEREAS
, Driscoll did not exercise the 2005 Option and District granted relief to Driscoll whereby on the August 21, 2006, Driscoll and District entered into
another Option to Lease Agreement (“2006 Option”) on file in the Office of the
District Clerk bearing Document No.50988; and

WHEREAS
, on July 1, 2007, Driscoll exercised the 2006 Option, and District and Driscoll entered into a Lease (“2007 Lease”) for the Kettenburg Marina boatyard site, on file in the Office of the District Clerk bearing Document No. 52163; and

WHEREAS
, the 2007 Lease included certain construction deadlines for
redevelopment of the Kettenburg Marina boatyard site, including but not limited to, completion of a boatyard administration building, high bay metal boat shed, two
concrete piers for a travel lift, paving, boat slips, reconstruction of shoreline,
dredging, a water reclamation system, marine sales and services buildings, a
shoreline pedestrian walkway, public plaza and parking by December 31, 2008 (“December 2008 Deadline”), but the construction deadline was not met; and

WHEREAS
, on August 4, 2009, District granted relief to Driscoll by extending the December 2008 Deadline to December 31, 2010 (“December 2010 Deadline”) through the Amendment of Lease, Amendment No. 1 on file in the Office of the
District Clerk bearing Document No. 55317. Driscoll did not meet the December 2010 Deadline; and

WHEREAS
, to further grant relief for the default under the 2007 Lease, as amended, the District agreed to the division of the leasehold into three development sites (individually, “Marina Project Site,” “Commercial Project Site” and “Boatyard Project Site” and collectively, “Sites” , however these words used in naming each of the individual sites is not intended to limit the allowable uses of those sites, rather the terms of the respective leases will govern the respective allowable uses); and

WHEREAS
, on the 10th day of January, 2012, Driscoll assigned, transferred and set over unto Intrepid all of its right, title, and interest in and to 2007 Lease and
Intrepid assumed all of the debts and obligations of the Lessee under the 2007 Lease, and agreed to fully and faithfully perform each and every term, covenant, and condition thereof, and to pay the rental therein provided; and

WHEREAS
, District and Intrepid on the 10th day of January, 2012, entered into an Amended Restated and Combined Agreement (“2012 Amended Restated and Combined Agreement”), on file in the Office of the District Clerk bearing Document No. 58564, whereby Intrepid leased from District the Marina Project Site, as more particularly described in the 2012 Amended Restated and Combined Agreement; and

WHEREAS
, District and Intrepid on the 10th day of January 2012, also entered into an Option and Lease Agreement (“Commercial Project Option”) for the
Commercial Option Site, as more particularly described in the Commercial Project Option, on file in the Office of the Clerk of District bearing Document No. 58565, and Driscoll also entered into an Option and Lease Agreement (“Boatyard Project
Option”) for the Boatyard Project Site, as more particularly described in the Boatyard Project Option, on file in the Office of the District Clerk bearing Document No. 58566; and

WHEREAS
, Intrepid agreed to develop a public promenade across the Marina Project Site, the Commercial Project Site and the Boatyard Site, as well as other
improvements on the Sites as valuable consideration for the division of the
Kettenburg Marina boatyard site, relief of Driscoll's defaults and the 2012 Amended Restated and Combined Agreement; and

WHEREAS
, Intrepid and Driscoll have completed some redevelopment and
improvements pursuant to the 2012 Amended Restated and Combined Agreement, including the public promenade, but have not completed the construction of Building C, as more particularly described in the 2012 Amended Restated and Combined Agreement, by December 31, 2013, the construction deadline for said building; and

WHEREAS
, Intrepid did not meet conditions precedent to exercising the
Commercial Project Option, the term of which expired on December 31, 2013 and Driscoll did not meet conditions precedent to exercising the Boatyard Project Option, the term of which expired on December 31, 2013; and

WHEREAS
, Intrepid and Driscoll have requested additional relief in the form of extensions of certain deadlines in the 2012 Amended Restated and Combined Agreement, Commercial Project Option, and Boatyard Project Option; and District has agreed to such extensions in exchange for valuable consideration; and

WHEREAS
, such extensions and relief shall be granted by execution of a
Second Amended, Restated and Combined Lease, a new Option and Lease
Agreement with Driscoll. Inc., and a new Option and Lease Agreement with Intrepid landing, LLC (collectively “New Agreements”).

NOW, THEREFORE, the Board of Port Commissioners of the San Diego Unified Port District does ordain as follows:

Section 1. The Option to Lease Agreement Covering Parcels 3 And 4 With Driscoll, Inc. to Develop a Boatyard, With Conditions between the San Diego Unified Port District and Driscoll, Inc. is hereby granted.

Section 2. The Executive Director or his designated representative is hereby directed to execute said Option to Lease Agreement Covering Parcels 3 and 4.

Section 3. This Ordinance shall take effect on the 31st day from its
passage by the Board of Port Commissioners.

APPROVED AS TO FORM AND LEGALITY: PORT ATTORNEY

PASSED AND ADOPTED by the Board of Port Commissioners of the San Diego Unified Port District, this 11th day of February, 2014, by the following vote:

AYES: Bonelli, Castellanos, Malcolm, Merrifield, Moore, Nelson, and Valderrama
NAYS: None.
EXCUSED: None.
ABSENT: None.
ABSTAIN: None.
SIGNED BY: Robert E. Nelson, Chairman
ATTESTED BY: Timothy A. Deuel, District Clerk
Pub. Feb 20-00118395


Port of San Diego
PUBLISHED: Thursday February 20, 2014


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